One of the money lending institutions that is often chosen by the community as a place to get a fast loan is a cooperative. Cooperative loans are fairly fast, easy and certainly safe. To be able to make a cooperative loan, we must first join as a member of the cooperative. Generally, loans originating from cooperatives are only intended for members. Some cooperatives also require permanent membership or members who have joined for a long time. There are also cooperatives that provide loans to non-members, but with a much smaller nominal. We can use this loan if we are already members of a certain cooperative.
Cooperatives borrowing money without collateral
Cooperatives borrowing money without collateral are certainly the solutions that are preferred. The main reason is that we do not need to provide collateral in any form, such as vehicles, gold jewelry to securities. The absence of collateral will allow us to borrow funds more comfortably and calmly. No need to worry about the risk of collateral seized by the cooperative if we cannot repay the loan at the stipulated time. The documents needed in this unsecured loan are also generally simpler, which is enough to submit a photocopy of KTP and a number of other files.
How to borrow money in online cooperatives is more or less the same as how to borrow money from other lending institutions, such as banks or online institutions.
- We must apply for a loan first by completing the required files.
- After the loan application is submitted, wait until the cooperative gives approval regarding the loan application.
- If the loan application is approved, we will immediately get the desired amount of liquid funds.
But if the loan application is rejected, this can happen for several reasons. Often the loan application will be rejected if we have previously been involved in bad credit or have a bad track record regarding lending funds at the cooperative.
Pay off the monthly installments
In order to be able to smoothly get funds through money lending cooperatives, we must make sure that we have a good track record beforehand at the cooperative. Always pay off the monthly installments in a timely manner and not exceed the specified limit.
This will be very influential if we want to apply for a loan for the second time. A good track record will facilitate other loans in the future, while a bad track record will definitely make the loan application rejected. In addition, pay off all existing bad debts before applying for another loan. This is important in addition to giving a good impression and making us unstable when we have to pay off two different loans.
Loan cooperatives can indeed be the right place to borrow money if we have indeed been recorded as members. But if we do not join as members in any cooperative, then there is no need to be confused when trying to apply for a loan. There are still other funding institutions that we can use. Among them are banks, pawnshops to online lending institutions.
This online institution like Tom Wilcher.id has even been chosen because of its practicality and speed in withdrawing funds. The requirements are easy because we only need to provide a photocopy of ID card. While the amount of funds also varies from 1 to 5 million Rupiah. We can apply for loans online, especially for urgent needs.